Mentor Graphics Reports Fiscal Fourth Quarter Results

MENTOR GRAPHICS CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except earnings per share data)

       
 
Three Months Ended January 31, Twelve Months Ended January 31,
2009 2008 2009 2008
Revenues:
System and software $ 157,566 $ 201,135 $ 447,551 $ 555,297
Service and support   85,072     83,685     341,550     324,435  
Total revenues   242,638     284,820     789,101     879,732  
Cost of revenues: (1)
System and software 4,583 8,365 17,787 24,913
Service and support 23,280 26,011 97,002 95,714
Amortization of purchased technology   3,363     1,955     12,403     9,468  
Total cost of revenues   31,226     36,331     127,192     130,095  
Gross margin   211,412     248,489     661,909     749,637  
Operating expenses:
Research and development (2)(a) 66,572 60,242 260,351 247,870
Marketing and selling (3) 91,338 87,152 317,473 309,431
General and administration (4) 23,545 26,038 95,038 97,118
Other general expense (income), net 245 (294 ) (24 ) (332 )
Amortization of intangible assets (5) 3,014 2,575 11,113 8,936
Special charges (6) 1,789 4,988 16,888 10,148
Impairment of long-lived assets (7) 4,553 - 4,553 -
In-process research and development (8)   -     -     22,075     4,100  
Total operating expenses   191,056     180,701     727,467     677,271  
Operating income (loss) 20,356 67,788 (65,558 ) 72,366
Other income (expense), net (9) (319 ) 1,264 4,378 5,225
Interest expense (10)   (4,674 )   (5,152 )   (16,904 )   (20,264 )
Income (loss) before income tax 15,363 63,900 (78,084 ) 57,327
Income tax expense (benefit) (11)(a) (16,174 ) 29,006 10,850 28,556
Minority interest in net loss of subsidiary   -     -     (132 )   -  
Net income (loss) $ 31,537   $ 34,894   $ (88,802 ) $ 28,771  
Net income (loss) per share:
Basic $ 0.34   $ 0.39   $ (0.97 ) $ 0.33  
Diluted $ 0.33   $ 0.38   $ (0.97 ) $ 0.32  
Weighted average number of shares outstanding:
Basic   92,859     89,978     91,829     88,086  
Diluted   94,452     92,490     91,829     89,981  
 
Refer to following page for a description of footnotes.
 
 
(a) For the January 31, 2008 presentation, the research and development credit was reclassified from Income tax expense (benefit) to Research and development. The reclassifications were made for consistency in presentation with the current year.

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